KeyCorp Has Lowered Expectations for Block (NYSE:XYZ) Stock Price

Block (NYSE:XYZ) had its price objective reduced by research analysts at KeyCorp from $65.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would indicate a potential upside of 28.84% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Evercore ISI initiated coverage on Block in a research report on Wednesday, April 9th. They issued an “in-line” rating and a $52.00 price objective for the company. UBS Group decreased their price target on shares of Block from $98.00 to $97.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Raymond James decreased their target price on Block from $115.00 to $103.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Canaccord Genuity Group decreased their price objective on Block from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Friday. Finally, Barclays cut their target price on Block from $97.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.22.

Block Trading Down 20.4 %

NYSE XYZ opened at $46.57 on Friday. The company has a market cap of $28.85 billion, a P/E ratio of 10.24, a P/E/G ratio of 0.72 and a beta of 2.83. Block has a 1 year low of $44.27 and a 1 year high of $99.26. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $56.86.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Equities research analysts forecast that Block will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling

In other Block news, insider Owen Britton Jennings sold 1,263 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total value of $70,967.97. Following the completion of the sale, the insider now owns 181,904 shares in the company, valued at $10,221,185.76. This trade represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $54.48, for a total transaction of $27,240.00. Following the transaction, the chief accounting officer now owns 81,999 shares in the company, valued at $4,467,305.52. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,324 shares of company stock worth $1,297,662. 10.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Block

Hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc lifted its position in shares of Block by 67.7% in the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after buying an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in Block by 48.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after purchasing an additional 136 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in Block by 18.3% during the fourth quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock worth $83,000 after purchasing an additional 152 shares during the period. Ulland Investment Advisors LLC increased its holdings in shares of Block by 92.3% in the fourth quarter. Ulland Investment Advisors LLC now owns 2,135 shares of the technology company’s stock valued at $181,000 after purchasing an additional 1,025 shares during the last quarter. Finally, Simon Quick Advisors LLC bought a new position in shares of Block in the fourth quarter valued at about $203,000. Institutional investors own 70.44% of the company’s stock.

Block Company Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.